Citi Initiates Coverage on Zions Bancorporation (ZION) with a Buy
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Citi initiates coverage on Zions Bancorporation (Nasdaq: ZION) with a Buy. Price target $47.
Citi analyst says, "We view Zions as a better than average commercial lender and credit risk manager with market presence in a number of demographically attractive Western markets. In our view, ZION should be able to eventually extend its historical record of better than industry average earnings growth although credit conditions are likely to keep EPS growth below long-term trends over the next 12 months. We believe NIM pressure is going to moderate in the quarters ahead as the impact of recent fed funds cuts flows through the balance sheet and the Fed appears to be approaching the end of its easing campaign. Moreover, we believe the addition of remaining off-balance sheet Lockhart assets (net is approximately $500 million if the remainder of Lockhart was consolidated) is not likely to have a significant impact on EPS or capital. Though credit uncertainty remains elevated we believe the stock's valuation discount relative to peers more than fully reflects the risk that we see in the stock."
Zions Bancorporation is a financial holding company. The Company provides a range of banking and related services through its banking and other subsidiaries, primarily in Utah, California, Texas, Arizona, Nevada, Colorado, Idaho, Washington and Oregon. [SM]
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